When you’ve come to the point where your debt is no longer manageable, filing for bankruptcy may be a viable solution. One question you may ask yourself is whether you need an attorney. Filing for bankruptcy without an experienced banruptcy attorney at your side, can become a costly, legal nightmare.
Knowing what, when and where to file required documents can be a daunting task. Filing bankruptcy in Arizona, whether it’s a chapter 7 or chapter 13, takes planning and guidance from a seasoned, bankruptcy lawyer throughout the entire process.
The experienced bankruptcy attorneys at the Moak Law Firm can answer important questions such as:
Will Bankruptcy Damage My Credit Rating?
Yes. Your bankruptcy will usually be on your credit for seven to ten years. Even with a bankruptcy, you can get and build credit.
Will Bankruptcy Affect My Job?
It shouldn’t. Employers are barred by federal law from firing you or discriminating against you. Most employers won’t even know.
Will I Lose my Home?
Probably not. Few people lose their home because of a bankruptcy. It all depends on how much the house is worth and how much you owe.
Will I Lose My Personal Belongings?
Probably not. Only 6 percent of the bankruptcies will lose anything. Much of what you own will be exempt or not worth the hassle of selling to try and squeeze a few dollars.
Probably. You can be eligible about four years after your debts have been cleared up. Maybe even sooner.
Will My Spouse Have to File With Me?
Not necessarily. Arizona is a community property state, but your spouse doesn’t always have to file with you. Your attorney can help you figure it out.
Can I Keep Some Debts Off My Bankruptcy and Deal with Them Separately?
No. All your debts are listed in the bankruptcy. You can choose to repay any creditor after you file.
Can I Cancel My Bankruptcy If I Change My Mind?
Maybe. You can’t dismiss a Chapter 7 or a Chapter 13 converted to a Chapter 7, but you may dismiss a Chapter 13 that was never converted to a Chapter 7.
Is Filing Bankruptcy a Really Long Process?
No. Not at all. A Chapter 7 Bankruptcy can be filed within days. You will have a 341 Meeting within about 40 days of filing and everything should be done within about 4 months. A Chapter 13 Bankruptcy will have 3-5 years of a payment plan. The initial filing and approval doesn’t take very long.
Does it Cost a lot to File?
Bankruptcy filing comes in three parts.
- Attorney’s Fees (If you choose to work with an attorney) $1,200-5,000 depending on the complexity of the case. Average Chapter 7 cases will be $2,000-3,000
- Due Diligence Products $150-350. This includes can include pre-filing credit counseling, post-filing financial management course, 3 source individual credit report, automobile loan review, and post-discharge dispute of consumer liability reports.
- Filing Fee $299 for Chapter 7 and $274 for Chapter 13
We also provide payment options for our clients.
Will BARF (Bankruptcy Abuse Reform Fiasco) Make it Harder to File Bankruptcy?
Yes. Congress has created a few more hoops to jump through. Ultimately if you can’t pay your bills, you deserve a fresh start.
Call 480-755-8000 to speak with our Arizona bankruptcy attorney today for immediate help.